Lots of fucked up cross currents today, especially with continued dollar strength. This tape is starting to look increasingly bearish and it has me thinking bear market, which is why I did the opposite and went long triple upside semis.
I sold my LABD for a ~9% gain. That I bought on Friday. Replacing it, I stepped in and bought SOXL — because why not? It’s a 5% position and I’m 70% cash. The market looks poisonous and I do not feel okay with keeping a triple inverse ETFs on a massive gap lower.
I’m looking for a little mean reversion here. This isn’t a high confidence trade, however. Just spit balling it.
My only other defensive stock is TMF — triple long bonds.
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Have a little conviction. This market is doomed for 3 simple and fundamental reasons that aren’t going away–global growth slowdown, corporate earnings slowdown, and non-accomodative Fed policy. Sell/short the rips and enjoy a new-found Bear market that has been dormant for years.
What happened to retest low call
fwiw; take from recent bottom to top; 87 to 98$ on SMH; 61.8% FIB. pullback is around 91$; hit $91.43 this morning; so maybe… just maybe…. another pit stop today .. or THE BOTTOM??
S&P gap at 2737 filled; (damm if it means anything)